As you rightly pointed out, I think as ETH becomes cheaper to use with lower transaction fees, it becomes more scalable yet inadvertently affect the value of ETH itself.
In a way, ETH is tending towards becoming a social good where L2s benefit from the upgrades and improvements, but it is not clear who would ultimately bear the total costs.
ETH will still remain as the foundational layer, and perhaps over time the value or worth of ETH tokens will become increasingly detached from transaction fees and more towards a store of value from being the consensus layer
at another level i want to think about incentives. The incentive of the team is not really on token price which cuts both ways.
Long term its great as it can help build moats, but short term it will defintely hurt.
Agreed, we somehow forgot that Ethereum is primarily a platform, not a store of value or a share in a business.
Interesting contrarian thoughts!
As you rightly pointed out, I think as ETH becomes cheaper to use with lower transaction fees, it becomes more scalable yet inadvertently affect the value of ETH itself.
In a way, ETH is tending towards becoming a social good where L2s benefit from the upgrades and improvements, but it is not clear who would ultimately bear the total costs.
ETH will still remain as the foundational layer, and perhaps over time the value or worth of ETH tokens will become increasingly detached from transaction fees and more towards a store of value from being the consensus layer